Rupee Dips to 95.17 as Geopolitical Risks Counteract Lower Oil Prices

The Indian rupee weakened against the US dollar in early trade on Thursday, falling 9 paise to 95.17.

This decline came despite lower crude oil prices offsetting some of the geopolitical risks that have been weighing on the currency.

Amit Pabari from CR Forex Advisors noted that 'the rupee finds itself caught between encouraging diplomatic headlines and lingering geopolitical risks.'

The dollar index, which measures the greenback's strength against six major currencies, was trading 0.05 per cent higher at 99.72.